Gas Prices Plunging; Down 20 Cents in a Month

AAA: OIL AND GAS PRICES PLUNGING; DOWN 20 CENTS IN PAST MONTH

Oil Reaches 8-Month Lows; Gas Prices are Lowest Since April

TAMPA, Fla. (November 12, 2018) — Fuel prices are plunging. Crude oil dove to 8-month lows last week, which means the slump at the pump should continue.

The national average has declined 20 cents, during the past month. Last week alone, U.S. gas prices dropped 6 cents, on average. However, Sunday's national average of $2.70 per gallon remains 14 cents more than this time last year, and 21 cents more than this year's low of $2.49 (January 3).

"Motorists in some cities are beginning to find some of the lowest gas prices they've seen in almost a year," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "The price of producing gasoline has dramatically declined during the past month, thanks to concerns of lower global demand and strong fuel supply and production. Unless oil prices change course, motorists could easily see pump prices shed another 10-20 cents before 2019, and slip below year-ago levels by Thanksgiving."

Oil Prices Drop $18. How Low Will Gas Prices Go?

Crude oil prices declined for a record-setting 10th consecutive day, on Friday. The daily settlement of $60.19 per barrel is the lowest since March.

In the past month, WTI crude declined a total of $16 per barrel on the NYMEX. A loss of that magnitude can ultimately lead to a total discount of 40 cents at the pump. So far, the national average has declined nearly 20 cents since the price of oil started its slide last month.

Domestic crude production reached a new all-time high of 11.6 million barrels per day, according to the Energy Information Administration. Additionally, domestic oil supplies rose for the 8th consecutive week; increasing at total of 10% during that time. These shifting fundamentals have helped create a bearish sentiment in fuel markets.

Regional Gas Prices

Gas prices in Florida have declined 36 consecutive days, for a total of 25 cents. The price plunge accelerated during the past week, dropping 7 cents. Sunday's state average of $2.57 per gallon is the lowest since March.

Florida motorists are paying about what they did for gasoline this time last year. However, we are still about 13 cents higher than this year's low of $2.44g, which was set on January 2.

Click here to view AAA's state and metro gas price averages

• Most expensive gas price averages: Tampa, St. Petersburg-Clearwater ($2.42), Orlando ($2.45), and Punta Gorda ($2.48)
• Least expensive gas price averages: Panama City ($2.86), Crestview ($2.75), West Palm Beach-Boca Raton ($2.73)

Gas prices in Georgia have declined for the past 30 consecutive days for a total of 24 cents. The state average dropped 7 cents during the past week. Sunday's state average of $2.57 per gallon is 23 cents less than a month ago, and the lowest since March 29. So far this year, the average price in Georgia was the lowest on January 2 ($2.35/g). Despite the recent discount, Georgia motorists are still paying about 16 cents per gallon more than this time last year.

Click here to view AAA's state and metro gas price averages

• Most expensive gas price averages: Hinesville-Fort Stewart ($2.66), Brunswick ($2.63), and Athens ($2.60)
• Least expensive gas price averages: Rome ($2.47), Albany ($2.47), and Warner Robins ($2.47)

Gas prices in Michigan dropped 10 cents last week. The state average is the lowest since March, and also now below year-ago levels. Sunday's state average of $2.61 per gallon is 33 cents less than a month ago, and 15 cents less than this time last year.

Since reaching $3.02 per gallon in September, the state average has declined 42 of the last 46 days for a total of 41 cents. However, the Michigan state average remains nearly 20 cents higher than this year's low of $2.42, set on February 21.

Gas prices in Metro Detroit are also below year-ago levels. After nearly reaching $3 a gallon in September, average prices in the metro area have declined 42 of the past 46 days for a total of 33 cents. On Sunday, the average price for a gallon of regular was $2.67/g.

Click here to view AAA's state and metro gas price averages

• Most expensive gas price averages: Marquette ($2.86), Ann Arbor ($2.72), and Metro Detroit ($2.67)
• Least expensive gas price averages: Grand Rapids-Muskegon-Holland ($2.47), Benton Harbor ($2.52)

Tennessee motorists have seen gas prices decline 19 cents in the past 31 days. Sunday's state average of $2.50 is 5 cents less than a week ago, and the lowest since April 12. Despite the recent discount, the average Tennesseean is still paying 16 cents per gallon more than this time last year.

Click here to view AAA's state and metro gas price averages

• Most expensive gas price averages: Nashville ($2.57), Morristown ($2.54), and Jackson ($2.51)
• Least expensive gas price averages: Cleveland ($2.37), Chattanooga ($2.41), and Knoxville ($2.46)

Gas Price Tools

• GasPrices.AAA.com - Daily national, state, and metro gas price averages
• AAA Mobile app - Free app that compares gas prices near you
• Gas Cost Calculator - Determine how much gasoline will cost on your next road trip
  

CURRENT AND PAST PRICE AVERAGES

Regular Unleaded Gasoline

	Sunday	Saturday	Week Ago	Month Ago	One Year Ago	2018 High	Record High
National	$2.703	$2.712	$2.765	$2.910	$2.561	$2.97 (5/26/2018)	$4.11 (7/17/2008)
Florida	$2.574	$2.582	$2.639	$2.815	$2.530	$2.92 (5/25/2018)	$4.08 (7/17/2008)
Georgia	$2.567	$2.577	$2.639	$2.802	$2.412	$2.84 (5/27/2018)	$4.16 (9/15/2008)
Michigan	$2.614	$2.627	$2.715	$2.941	$2.757	$3.13 (5/25/2018)	$4.26 (5/4/2011)
Tennessee	$2.496	$2.504	$2.551	$2.689	$2.335	$2.73 (5/27/2018)	$4.12 (9/15/2008)
Click here to view current gasoline price averages

Gas Price Survey Methodology
AAA updates fuel price averages daily at www.GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

About The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, financial services and travel offerings to over 9.6 million members across eleven states and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Dakota, Tennessee, Wisconsin, Puerto Rico and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 59 million members in the United States and Canada and whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.